Engineering and technology firm Texo Group has made another key acquisition as part of its ambitious “buy and build” strategy.
The Aberdeen-based business has purchased the majority shareholding of CFS Offshore Engineering, headquartered in Tyne and Wear, which will now become Texo CFS.
Texo said it will make an initial investment allowing the firm to double its revenue and increase headcount four-fold over the next four years.
Since its launch in July, Texo has made a number of acquisitions as part of an ambitious growth plan which it claimed will create up to 1,000 UK jobs.
Darren Carlisle, operations director at Texo CFS, said: “This is the dawn of a new era for our business. When Texo Group approached us and outlined their strategy we were hugely impressed by their vision in the creation and formation of a unique iEPC (inspection, engineering, procurement and construction) group.
“Being part of Texo Group will help us reach heights that we would not have been able to achieve on our own.”
Meanwhile, energy group Wood has signed a multi-million dollar deal with Duqm Refinery and Petrochemicals Industries to provide heaters at their Oman refinery, which will process 230,000 barrels of crude oil per day. The contract is effective immediately and is due to be completed in the first quarter of 2020.